💀 In 2025, the global gambling black market reached 5.9 trillion USD and is now considered the world’s 3rd largest economy

Morgan Ellis

💀 In 2025, the global gambling black market reached 5.9 trillion USD and is now considered the world’s 3rd largest economy

The industry analysis was conducted by US-based regtech solutions provider Gaming Compliance International (GCI). It is important to note that retail or land-based gambling operations were not included in the study.

🔣 GCI defined “unregulated” online gambling as transactions involving unlicensed products actively targeting local consumers. The category includes:

✅ sports betting

✅ unregulated prediction markets (excluding the United States🇺🇸, where they are regulated)

✅ online slots

✅ poker

✅ cryptocurrency gambling

✅ lotteries

🔣 During the research process, GCI used a combination of automated monitoring and manual analysis to estimate both betting volume and gross gaming revenue (GGR) across the entire online ecosystem.

🔣 User behavior across gambling platforms was analyzed using proprietary metrics, including the “Value Per Visit” (VPV) indicator, allowing researchers to quantify spending patterns and differences between regulated and unregulated operators.

🔣 In 2025, approximately 78% of total GGR was attributed to unregulated operators, while regulated operators accounted for 22%.

🔣 GCI described the unregulated sector as the 3rd largest economy in the world, surpassing most countries in scale and ranking only behind the United States🇺🇸 and China🇨🇳.

🔣 In addition, researchers classified unregulated gambling as the largest form of cybercrime in the world.

🔣 The 5.9 trillion USD figure represents a 4% increase compared with 2024, indicating that the gambling black market continues to expand.

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